INR=X vs. BOND

Last updated Jun 23, 2026

INR=X (USD/INR) is a currency, while BOND (PIMCO Active Bond ETF) is Intermediate Core-Plus Bond fund actively managed by PIMCO. Over the past 10 years, INR=X returned 3.34%/yr vs 5.57%/yr for BOND. A 0.72 correlation means they provide meaningful diversification when combined.

Performance

INR=X vs. BOND - Performance Comparison

The chart below illustrates the hypothetical performance of a ₹10,000 investment in USD/INR (INR=X) and PIMCO Active Bond ETF (BOND). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

INR=X is traded in INR, while BOND is traded in USD. To make them comparable, the BOND values have been converted to INR using the latest available exchange rates.

Returns By Period

In the year-to-date period, INR=X achieves a 5.38% return, which is significantly lower than BOND's 6.07% return. Over the past 10 years, INR=X has underperformed BOND with an annualized return of 3.34%, while BOND has yielded a comparatively higher 5.57% annualized return.

INR=X

• 1D: 0.44%
• 1M: -1.06%
• YTD: 5.38%
• 6M: 5.70%
• 1Y: 9.23%
• 3Y*: 4.94%
• 5Y*: 4.93%
• 10Y*: 3.34%

BOND

• 1D: 0.04%
• 1M: -0.30%
• YTD: 6.07%
• 6M: 6.58%
• 1Y: 15.81%
• 3Y*: 10.27%
• 5Y*: 5.41%
• 10Y*: 5.57%

*Multi-year figures are annualized to reflect compound growth (CAGR)

INR=X vs. BOND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INR=X USD/INR	5.38%	4.79%	3.03%	0.69%	10.75%	1.99%	2.52%	2.54%	9.05%	-6.21%
BOND PIMCO Active Bond ETF	6.07%	13.57%	5.88%	7.22%	-5.38%	1.20%	10.51%	11.29%	9.14%	-1.75%

Correlation

The correlation between INR=X and BOND is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Mar 1, 2012	0.72

The correlation between INR=X and BOND shifts across timeframes, from 0.34 (3 years) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

INR=X vs. BOND — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INR=X

INR=X Risk / Return Rank: 92
INR=X Sharpe Ratio Rank: 92
INR=X Sortino Ratio Rank: 92
INR=X Omega Ratio Rank: 94
INR=X Calmar Ratio Rank: 90
INR=X Martin Ratio Rank: 92

BOND

BOND Risk / Return Rank: 42
BOND Sharpe Ratio Rank: 44
BOND Sortino Ratio Rank: 44
BOND Omega Ratio Rank: 42
BOND Calmar Ratio Rank: 40
BOND Martin Ratio Rank: 39

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

INR=X vs. BOND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD/INR (INR=X) and PIMCO Active Bond ETF (BOND). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	INR=X	BOND	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.82	-1.34
Sortino ratio: Return per unit of downside risk	2.15	4.15	-2.00
Omega ratio: Gain probability vs. loss probability	1.30	1.56	-0.26
Calmar ratio: Return relative to maximum drawdown	2.84	8.07	-5.23
Martin ratio: Return relative to average drawdown	8.19	28.63	-20.43

INR=X vs. BOND - Sharpe Ratio Comparison

The current INR=X Sharpe Ratio is 1.48, which is lower than the BOND Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of INR=X and BOND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

INR=X vs. BOND - Drawdown Comparison

The maximum INR=X drawdown since its inception was -15.55%, which is greater than BOND's maximum drawdown of -12.32%. Use the drawdown chart below to compare losses from any high point for INR=X and BOND.

Drawdown Indicators

	INR=X	BOND	Difference
Max Drawdown Largest peak-to-trough decline	-15.55%	-12.32%	-3.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.60%	-1.97%	-0.63%
Max Drawdown (3Y) Largest decline over 3 years	-4.06%	-5.00%	+0.94%
Max Drawdown (5Y) Largest decline over 5 years	-4.06%	-12.32%	+8.26%
Max Drawdown (10Y) Largest decline over 10 years	-8.16%	-12.32%	+4.16%
Current Drawdown Current decline from peak	-1.98%	-1.30%	-0.68%
Average Drawdown Average peak-to-trough decline	-4.65%	-2.78%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.55%	+0.42%

Volatility

INR=X vs. BOND - Volatility Comparison

The current volatility for USD/INR (INR=X) is 1.84%, while PIMCO Active Bond ETF (BOND) has a volatility of 2.50%. This indicates that INR=X experiences smaller price fluctuations and is considered to be less risky than BOND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INR=X	BOND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.84%	2.50%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	4.47%	4.21%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	4.97%	5.64%	-0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.24%	6.45%	-2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.19%	6.89%	-1.70%

Frequently Asked Questions

Can I hold both INR=X and BOND in my portfolio?

INR=X and BOND have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INR=X or BOND?

BOND has higher volatility (2.50%) compared to INR=X (1.84%). In terms of maximum drawdown, INR=X dropped -15.55% vs BOND's -12.32%.

Which has better risk-adjusted returns?

BOND currently has the higher Sharpe Ratio (2.82 vs 1.48), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.